This form is an assumption agreement for a Small Business Administration (SBA) loan. Party assuming the loan agrees to continue payments thereon. SBA agrees to the assumption of the loan and release of original debtor. Adapt to fit your circumstances.
Sba Eidl Loan Requirements In Maryland
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Multi-State
Control #:
US-00193
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Eligibility requirements Be an operating business. Operate for profit. Be located in the U.S. Be small under SBA size requirements. Not be a type of ineligible business. Not be able to obtain the desired credit on reasonable terms from non-federal, non-state, and non-local government sources.
Businesses must meet the following criteria to qualify for economic injury: The business was directly impacted by the disaster. The business cannot cover expenses due to the disaster and/or debt payments. The business was physically located in the declared disaster area.
In addition to meeting the numerical standards for small, your business must: Be a for-profit business of any legal structure. Be independently owned and operated. Not be nationally dominant in its field. Be physically located and operate in the U.S. or its territories.
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The following slides are designed to assist Maryland Small Businesses in applying for the Economic Injury Disaster Loans offered through SBA. We provide documents in different languages to help you understand eligibility requirements, fill out applications, and answer frequently asked questions.To apply for an EIDL loan or advance, a business must complete an online application on the SBA website. Applicants must show the ability to repay all loans. Collateral Requirements. Any business with up to 500 employees is eligible for an Economic Injury Disaster Loan ("EIDL"). Similar eligibility criteria as applicable to PPP Loans apply. You do not have to talk to a banker. Your loan can be approved based solely on your credit score. Find out how to apply for a small business disaster loan if your business suffered damage and is in a presidentially declared disaster area.